HSBC Holding PLC (HBC) Net Profit Rises To $5.83 Billion

HSBC Holdings PLC (NYSE: HBC), Europe’s largest bank, registered a 2% rise in it’s net profit, on the back of improved operational efficiency and good results from it’s Investment Banking divisions. The company made an after tax profit of $5.83 Billion compared to the $5.73 Billion made last year.

The Operating Income however has been hit and showed a decline by 11%, which is not a good sign. The pre-tax profit fell 24% to $7.08 billion, well below consensus of $11.5 billion.

The shares fell on the London Stock Exchange by 3.6%. HSBC Holdings proposed a dividend of 34 cents compared to the 93 cents given last year.